Concentra Completes Tender Offer for Subordinated Notes.BOSTON--(BUSINESS WIRE)--Aug. 17, 1999-- Concentra Managed Care, Inc. (Nasdaq/NM:CCMC CCMC Commission for Case Manager Certification CCMC Communications Consortium Media Center CCMC Certified Career Management Coach CCMC Community Coordinated Modeling Center (NASA) ) today announced that it has completed previously announced tender offers to purchase all of its outstanding 6% Convertible Subordinated Notes due 2001 and its 4.5% Convertible Subordinated Notes due 2003. The tender offers expired at 5:00 p.m., New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. time, today. As of the expiration time Expiration time The time of day by which all exercise notices must be received on the expiration date. Technically, the expiration time is currently 11:59AM on the expiration date, but public holders of option contracts must indicate their desire to exercise no later than 5:30PM on of the tender offers, approximately $97,560,000 principal amount of the 6% Convertible Subordinated Notes, representing approximately 99.8% of such outstanding notes, and approximately $200,400,000 principal amount of the 4.5% Convertible Subordinated Notes, representing approximately 87.1% of such outstanding notes, had been tendered and accepted for payment. Concentra is the leading provider and comprehensive outsource solution for cost containment cost containment, n the features of a dental benefits program or of the administration of the program designed to reduce or eliminate certain charges to the plan. and fully integrated care management in the occupational, auto, and group healthcare markets. Concentra offers prospective and retrospective services to employers and insurers of all sizes, providing pre-employment testing, loss prevention services, first report of loss, injury care, specialist networks and specialized cost containment to the disability and automobile injury markets. Currently, the Company operates the nation's largest network of occupational healthcare centers, managing the practices of approximately 343 physicians located in 201 centers in 61 markets in 32 states. The Company has approximately 1,100 field case managers who provide medical management and return to work services in 49 states, the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). , and Canada. The Company also has 84 service locations that provide specialized cost containment services including utilization management Utilization management is the evaluation of the appropriateness, medical need and efficiency of health care services procedures and facilities according to established criteria or guidelines and under the provisions of an applicable health benefits plan. , telephonic case management, first notice of loss reporting, and retrospective bill review. |
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